Om Infra Ltd Q1 FY26: ₹648 Cr Sales Shrunk 36%, P/E 55.5, OPM 0.34% — Dams Strong, Profits Missing
1. At a Glance
Picture this: a company that builds massive steel gates for dams, executes billion-rupee water projects, and proudly lists clients like NTPC, NHPC, and even the World Bank. Sounds like an engineering beast, right? Now zoom in — market cap of ₹1,242 Cr, current price ₹129, trading at a P/E of 55.5 (which makes even Zomato look frugal), OPM standing at a mind-boggling 0.34% (yes, less than your friendly chaiwala’s margin), ROE of 4.89%, and ROCE of 5.87%. In the last quarter, revenue tanked 38.4% YoY and PAT went from a modest ₹4.64 Cr profit to a ₹0.98 Cr loss. Basically, a company that sells water connectivity solutions but can’t keep its own financials from leaking like a cracked pipeline.
2. Introduction
Om Infra Ltd is one of those legacy names — born in 1971, built its brand around hydro-mechanical equipment, irrigation projects, and water infra. The problem? Legacy doesn’t pay the bills when revenues fall 36% in one year. It’s like that uncle at weddings who talks about how he built canals in the ‘70s while asking you for Uber fare today.
In FY25, Om Infra’s sales fell from ₹1,114 Cr in FY24 to ₹713 Cr, then to ₹648 Cr in TTM. Profit growth? Negative 50.7%. Share price in last one year? Down 22.4%. Credit rating? Downgraded to CARE BBB-. Yet, the promoters still hold a solid 67% stake, like true optimists who believe “dams will save the day.”
The company boasts of an order book worth ₹2,361 Cr, with 81% tied to Jal Jeevan Mission projects. Translation: if government projects stall, Om Infra becomes Om Shanti Infra.
Question for you: would you trust a company with operating margins thinner than a papad to deliver ₹2,000+ Cr projects?
3. Business Model – WTF Do They Even Do?
Think of Om Infra as the plumber for India’s mega water dreams — except instead of fixing leaky taps, they build giant steel gates, hydro-power equipment, and kilometers of pipelines.
Hydro Power Projects: They design and manufacture gates, hoists, and cranes for dams and hydropower plants. Basically, the bouncers at India’s rivers.
Pumped Storage Projects: They worked on Kundah PSP, one of India’s largest pumped storage power projects. In simple terms, they move water up and down a hill so you get electricity when Netflix is buffering.
Irrigation Systems & Jal Jeevan Mission: They install pipelines to bring water to villages, making up 80%+ of their current order book.
Real Estate: Oh yes, when bored of dams, they dabble in residential real estate in Rajasthan and Mumbai. Because why not? Every infra company in India eventually moonlights as a builder.
So, Om Infra is basically the Swiss Army knife of civil infra — dams, canals, water supply, PSPs, and flats. Problem is, Swiss Army knives don’t help if you’re drowning in low margins.
4. Financials Overview
Quarterly Comparison (₹ Cr):
Source table
Metric
Q1 FY26 (Jun’25)
Q1 FY25 (Jun’24)
Q4 FY25 (Mar’25)
YoY %
QoQ %
Revenue
104.3
169.5
171.9
-38.4%
-39.3%
EBITDA
-0.75
17.3
-16.3
-104%
95.4%
PAT
-0.98
12.5
14.8
-108%
-106.6%
EPS (₹)
-0.10
1.30
1.54
-107.7%
-106.5%
Annualised EPS (latest): Negative → P/E not meaningful, but Screener still shows 55.5 based on TTM.
Commentary: The financials scream one word: volatility. Revenue swinging like Sensex on budget day, profits flipping between red and green, and EBITDA sometimes positive, sometimes sulking like a teenager.
Question for you: when EBITDA is negative two quarters out of four, would you call this “stable infra” or “contract lottery”?
5. Valuation Discussion – Fair Value Range Only
Let’s crunch:
P/E Method: Current EPS TTM = ₹2.32. Industry PE ~20.8. Fair range = 2.32 × 15 → ₹35
